The Global Automatic Number Plate Recognition Market Is Majorly Driven By Rapid Urbanization And Increase In Disposable Income

Global Automatic Number Plate Recognition Market Report, published by Variant Market Research, forecast that the global market was valued at $518 Million in 2016 and expected to reach $1,402 Million by 2024, growing at a CAGR of 13.3% from 2016 to 2024. In geographical segments, Asia-Pacific and North America are expected to grow at a CAGR of 14% and 13.7%, respectively, over the forecast period 2016 - 2024.

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The global automatic number plate recognition market is majorly driven by growing disposable income, increasing rates of criminal activities and terrorist threats, and presence of large number of cars operated globally, owing to rapid urbanization. However, the misapprehension of ambiguous characters on a number plate may hamper the growth of the market.  Additionally, increasing security concern, and road safety would provide several growth opportunities of the market in the upcoming years.

The global automatic number plate recognition market has been categorised into application, end-use industry, and geography. Application segment includes vehicle parking, security & surveillance, traffic management, and toll enforcement. End-use industry segment contains government (traffic department, homeland security, and defense) and commercial (dedicated car parks and entertainment & recreation facilities).

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By application, security & surveillance held the largest market share followed by traffic management in 2016. Furthermore, in the end-use industry, government segment accounted for the largest market share in the automatic number plate recognition market, owing to deterrence of crimes and terror attacks along with extensive use of ANPR systems in recognition and traffic enforcement.

North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific is the fastest growing region in the global automatic number plate recognition market, driven by growing adoption of ANPR systems by various government organizations. Europe accounts the largest share of the market, owing to stringent traffic rules and regulations to enhance road safety, followed by North America in 2016.

Key players operating in the automatic number plate recognition market comprise Siemens AG, Intelligent Traffic Solutions Ltd., 3M Company, Genetec Inc., Bosch Security Systems, Vigilant Solutions Inc., CA Traffic Limited, COBAN Technologies, ELSAG North America, and NDI Recognition Systems Ltd., among others.

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Scope of Automatic Number Plate Recognition Market

Application Segments

• Security & Surveillance
• Vehicle Parking
• Traffic Management
• Toll Enforcement

End-Use Industry Segments

• Government
• Homeland Security
• Traffic Department
• Defense

• Commercial
  
  
• Entertainment & Recreation Facilities
• Dedicated Car Parks

Geography Segments

• North America
• US
• Canada
• Mexico
• Europe
• U.K.
• Italy
• France
• Germany
• Others
• Asia-Pacific
• China
• Japan
• South East Asia
• Australia
• Others
• RoW
• South America
• Middle East
• Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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